Congratulations on your recent home purchase! After a long and often challenging property search, the moment has finally arrived, and you’re now a proud homeowner. However, the journey doesn’t end here. In fact, a new chapter is just beginning, and there are several important steps you need to take to ensure a smooth transition into your new abode. Let’s delve into what comes next after the purchase:
1. Fulfill Contract of Sale Requirements:
Review your Contract of Sale thoroughly and ensure that you fulfill all the requirements mentioned. These might include paying a deposit by a specific date, undergoing a building and pest inspection within a designated timeframe, or other contractual obligations. Meeting these requirements is crucial to prevent any breach of contract.
2. Acknowledge Section 27:
Shortly after your purchase, you’ll likely be asked to acknowledge Section 27. This provision allows the vendor to request the release of their deposit after 28 days, even if settlement is not immediate. Consult your conveyancer before deciding whether to release the deposit. Generally, if there’s no mortgage on the property, it’s usually safe to release the deposit with your conveyancer’s approval.
3. Arrange Insurance:
While the vendor is typically responsible for maintaining insurance until settlement, it’s wise to consider insuring your new home as well. This additional coverage can provide peace of mind during the settlement period. Consider getting coverage for 30, 60, or 90 days, depending on your settlement timeline. We believe it is better to be “double insured” than “not at all” in the case of a very rare instance of a fire or natural disaster it is better to safe than sorry.
4. Verify Boundaries:
If you’re buying a property without designated fences or a block of land, consider having a building surveyor verify the boundaries before settlement. This step ensures that the property’s dimensions match the advertised information, giving you confidence in your purchase.
5. Plan Your Move:
Moving can be a stressful endeavor, especially if you’re coordinating the sale of your previous property with the purchase of your new one. To ease the process, consider arranging for removalists to empty your current property a few days prior to settlement. If you’ve sold one property and bought another, hiring professionals for a final clean can provide a fresh start in your new home. If you’re a renter, budget for an extra week of rent to facilitate a smooth transition.
6. Conduct a Final Inspection:
You are offered one last walk through your new abode anytime 14 days prior to settlement & this will be arranged by us with the selling agent. This aims to ensure the property is in the same condition as when purchased. Check appliances, remove debris, and verify that all contract obligations have been fulfilled. Our checklist can guide you through this process, and we’re here to assist with any concerns you may have.
Remember, your new journey as a homeowner has just begun, and we are there to help all the way through to moving day & there are no silly questions only silly answers, we are on your side.
